Is BioXcel Therapeutics going out of business?

BioXcel Therapeutics, Inc. (BTAI) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

BioXcel Therapeutics, Inc. (BTAI) scores 4 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Shares dilution YoY: 324.67% (YoY)

Five questions, kept separate

Survival - Critical

2-4 mo of estimated runway from 2026-06-30, based on $12.8M of cash and short-term investments against $57.6M of annual burn. Adjusted shares outstanding increased 324.7% over the comparison year.

Business quality - Pre-commercial

Operating margins cannot grade a pipeline; Survival and clinical evidence remain the relevant lenses here.

Trajectory - Clinical progress unavailable

Fundamentals can show funding and burn, but not whether the clinical pipeline is advancing.

Valuation - Evidence incomplete

A positive current market capitalization is unavailable, so price-to-fundamentals evidence cannot be computed.

Event risk - Critical event risk

Going-Concern Warning is the decisive filing event; one adverse event family is active. It appears across 2 scanned filings. Favorable events are shown separately and do not offset adverse risk.

What the rules read

• Shares dilution YoY: 324.67% (YoY)
• Debt / Equity: Negative equity (balance sheet deficit; monitor solvency)
• Interest coverage: -3.0x
• Filing event risk: Going-Concern Warning (-8 pts)
• Cash Runway (years): 0.22y
• Revenue CAGR (3Y): 19.63%
• Return on Assets: -242.71%
• Revenue growth YoY: 51.67% (YoY) - Early-Stage Surge (low base)
• FCF margin: -8974.30% (Inv. Mode)
• Cash Burn Deceleration: -71.63% QoQ improvement (Worsening)
• Revenue Quality: Quality concerns (DSO +39d, Rev +52%)
• Revenue per Asset Efficiency: 4.38% QoQ

Read from filings through 2026-09-01.

Price as of 2026-09-06.